This may all seem like great news for Kellogg's new CEO Steven Cahillane, who took over earlier this month. But there's cause for concern.

The company's breakfast division -- which still relies heavily on sugary staples such as Frosted Flakes and Pop-Tarts -- sunk 3% last quarter compared to the same time last year. Kellogg's stock is down nearly 16% overall this year.

Kellogg also suffered a PR blowup earlier this month after a consumer complained that the art on its Corn Pops cereal boxes was racist.

Still, Kellogg's breakfast division isn't exactly dried up. It makes up 22% of the company's $13 billion in annual sales, slightly less than its snack division, which makes Keebler, Cheez-Its and Pringles.

Kellogg(K) is even rolling out a new breakfast cereal in November: Chocolate Frosted Flakes.

Kellogg hopes the chocolate flavor will make up for the fact that Kashi -- the black sheep of Kellogg's cereal offerings -- continues to slip. Kellogg has badly mismanaged the brand, overexpanding and failing to ward off an increasing number of competitors.

To also attract more health-conscious consumers, Kellogg is investing in the lucrative snack business.

In one of his first big moves as CEO, Cahillane announced plans to purchase America's fastest-growing nutrition bar company, RXBar.

But for now, investors are embracing what Americans have always known: There's nothing quite like a good breakfast sandwich.